Proposed Duty Changes – Vehicle Import
Budget 2018 – Proposed Duty Changes – Vehicle Import (2018 අයවැයෙන් වාහනවල යෝජිත Duty වෙනස්වෙන හැටි මෙන්න)
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Receipt of Inward Remittances for Exports and Adjustment of Input Value Added Tax (VAT)
Department of Inland Revenue has published a paper notice on Receipt of Inward Remittances for Exports and Adjustment of Input Value Added Tax (VAT). Download Paper Notice No: PN/VAT/2021-06 | Dated: 05.08.2021
Revised IRD Notice on issuing Tax Residency Certificates (TRC)
Taking into account the prevailing situation in the country, IRD has revised the arrangements have been made to issue Tax Residency Certificates (TRC). Download IRD Notice No. PN/TC/2020-05 (Revised) | Dated: 03 November 2020
Further extension on VAT Deferment Facility & Temporary Registration
Department of Inland Revenue has published a public notice by amending the public notice number PN/VAT/2020-09 issued on 29.06.2020 as follows. VAT Deferment Facility on Imports at the Customs/BOI Validity of the last issued extension letters with regard to Credit Vouchers (CV) due against the VAT deferred at the Customs/BOI under deferment facility, has been further extended…
For Partnerships and Partners in a Partnership: Computation and Payment of Income Tax for the Year of Assessment 2019/2020
Department of Inland Revenue has published a Notice for by instructing Partnerships and Partners in a Partnership to compute the income tax payable (subject to the provisions of the IRA) for the Year of Assessment 2019/2020. Download IRD Notice PN/IT/2020-05 (06.05.2020): English | Sinhala
Parliament passes new Foreign Exchange Act
All foreign exchange transactions were governed by the Exchange Control Act, No. 24 of 1953 and regulations and directives issued under such Act. On 25 July 2017, the Parliament passed the Foreign Exchange Act. This new Act which is yet to receive the certification of the Speaker has been analysed by us based on the Foreign…
Updated Inactive VAT List as at 20-02-2019
Department of Inland Revenue has published updated VAT Inactive List as at 20-02-2019. Download Inactive VAT List as at 20-02-2019
Highlights on WHT Return and Schedules
The Department of Inland Revenue has now published in their website, the Withholding Tax Return, Schedule Templates and Guidelines applicable for the year of assessment 2018/2019, in terms of section 84 and 85 of the Inland Revenue Act No. 24 of 2017 and the Circular No. SEC/2018/06 published on 18 April 2018. Please find attached…
Advance Personal Income Tax (APIT) Tables for the Y/A 2020/2021 [Updated]
Department of Inland Revenue has published Advance Personal Income Tax (APIT) Tables for the Y/A 2020/2021. Index: Index Table – 1: [Monthly Tax deductions from regular profits] How to apply Table 1 Table 1 Table – 2: [Rates for the deduction of tax from Lump-sum-payments] How to apply Table 2 Table – 3: [Rates for the…
No change in 15% interest given to Senior Citizens’ Savings Accounts
Notice published by the Ministry of Finance on 06 August 2019 Although the Central Bank has reduced the rates for deposits maintained in commercial banks, the special interest rate of 15% offered by the Government for senior citizens have not been changed. There is no truth in the media reports published by different media saying…
Parliament passed the Nation Building Tax Bill by limiting and granting new exemptions
NBT Bill passed by the parliament together with Committee Stage amendment on 18 July 2018. Department of Inland Revenue has published a notice for the same on 20 July 2018. Relevant notice is attached above for your reference.
List of VAT Registration Deactivated Persons (w.e.f. 20.01.2021)
Department of Inland Revenue has published a list of VAT Registration deactivated persons (w.e.f. 20.01.2021). Download: List of VAT Registration deactivated persons
Tax Payments & Returns due dates in the month of July 2021
Tax payments & Returns due dates and tax types & payment period codes for the month of July 2021 are as follows: JULY 15TH Advance Personal Income Tax (APIT) for the month of June 2021 is due on July 15, 2021. Individual who has already given the consent to the employer (company) to deduct Advance Personal Income Tax (APIT)…